Technology Behind Bitcoin Black
In this article we are going to discuss the technology behind the great bitcoin black and also the benefits it can give to their users.
The basic technology behind this project is Block lattice.
So, what is Block Lattice?
The block Lattice is a new type of DAG (Directed Acyclic Graph) architect which was first introduced by Colin Lemahieu with the Rai-blocks Raiblocks project which is now a Nano cryptocurrency. With this type of architecture, each individual carrying out transactions on the network has their own block chain, which is controlled by their private keys.
Block-lattice infrastructure operates like blockchain with major difference:
Every Protocol account has its own blockchain called an account chain. Only the consumer of an account chain may alter his / her individual chain, thereby allowing every account chain to be changed asynchronously from the rest of the block-lattice network.
All transactions are sent in User Datagram Protocol (UDP) packets which keep computing costs low and allow senders to transfer funds even when a receiver is offline.
A huge advantage of block-lattice is the way it handles and stores transactions in its ledger.
In this system, the platform maintains a record of an account balance in its general ledger, not a complete history of all transactions like traditional distributed ledgers. This means that a network based on a block network need only keep a record of each account in its general ledger. Instead of keeping a record of all previous transactions, the network only stores account balances. The block network has no latency and scalability issues like today’s blockchains and can be applied for global use much more efficiently.
Network security is managed using a Delegated Stake Proof (DPoS) model. If any contradictions exist with the transactions in question, delegates to vote on which transaction to validate as true. The DPoS offers a number of benefits compared to the work process shown by Bitcoin.
Distributed consensus protocols such as proof of work (PoW) or proof of stack (PoS), which are used to reach consensus, are no longer necessary, providing many benefits.
Let’s take a look at the Benefits of using Bitcoin Black
· Bitcoin black are way more decentralized as compared to other mining or Bitmain companies. This project is much more scalable than traditional blockchains which are out there.
· Much smaller blockchain size due to the block lattice infrastructure, which saves account balances rather than transactions. Gigabytes in the future rather than terrabytes.
· The biggest advantage of this project is while mining, bitcoin black way less electricity than Bitcoin, at least 100000 times less roughly.
· Free and Instant transactions.
Disadvantages of using Bitcoin Black
· The biggest disadvantage of block lattice which is the technology behind the bitcoin black is for the commercialized 3rd parties who want to collect fees on your transfers. These entities cannot collect fees on your transactions as your transactions are free.
· Lightning network like Bitcoin operators will collect fees on your transactions and will act the same way banks work in the current financial system.
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